Daily Spot

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Monday’s narrow range was followed by another on Tuesday, dipping only deeply enough to attack Friday’s low. At least a third eventual lower close is still required to fulfill Thursday’s confirmed breakout.

Gold Dec Contract (GC, ETF: (GLD))
An even bigger bounce Monday night probed above the 1213.00 bounce limit and still resolved down to retest 1206.00 as support. The 1196.50 target remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s intraday fluctuation around 16.62 all but rejected what was the biggest overnight bounce since first fulfilling the objective, making fresh lows likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying Monday night barely attacked the 154-19 bounce limit and held the continuation pattern’s uptrending support as resistance. While that doesn’t invalidate the downside momentum, there’s no bearish reason such as refueling for further delaying a drop to fresh lows.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight highs fulfilled the 48.75 target while attacking 49.25, reacting down almost immediately. A second consecutive higher close could have confirmed Monday’s breakout session and created a higher objective, but closing negative instead does not necessarily reverse momentum down.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Simply firming to close positive Tuesday still satisfies the eventual third higher close that became required by confirming Thursday’s breakout. The gaps outstanding below can no longer be tested from a position of strength, but could still hold if tested. This week’s EIA report is scheduled one day earlier on Wednesday due to the holiday.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Gapping up Monday only touched the original 1.0655 target as resistance before reversing back to unchanged, poied to resume the decline next targeting 1.0545.

Gold Dec Contract (GC, ETF: (GLD))
Probing the 1213.00 bounce limit through Monday’s open ultimately held as resistance, keeping alive potential for a fresh low at 1196.50.

Silver Dec Contract (SI, ETF: (SLV))
Still testing and retesting the 16.62 prior low Monday won’t launch a credible recovery without first probing deeper. By the same token, delaying a deeper dip would be “ineffectual optimism,” making an eventual deeper less likely to recover, at all.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing Sunday night stopped short of 154-19 whose recovery is the minimum requirement to even consider that Friday’s break lower was ultimately absorbed. Anything shallower, and probably anything any later, is likely just a temporary correction before the recent range proves it has been a continuation pattern targeting sharply lower lows.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Russia joining the mix of recent OPEC headlines triggered a gap up Monday to resume the rally next targeting the 49.00 area (basis Jan, 48.25 basis Dec). It was attacked to within 50 cents intraday, so that pullbacks must now hold 46.40 (basis Jan, 45.70 basis Dec) to maintain the rally’s momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up again on Monday needed only to be maintained for a second consecutive higher close above 2.80 to signal momentum reversing up. While that typically becomes a rally leg, two gaps left outstanding below does suggest a rally would be premature. Dipping intraday to fill one or both gaps would now be likely to recover and to reverse up.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Friday morning exploited that meeting the 1.0655 target Thursday had extended lower lower through the close without relief. Trending even lower Friday is approaching support at 1.0545. Regardless, the decline’s momentum remains intact so long as bounces now hold 1.0683 as resistance.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s post-close retest of 1211.00 was broken overnight down to 1201.30, satisfying the minimum 1206.50 target. The 1196.50 target remains in-play so long as bounces now hold 1213.00 as resistance. .

Silver Dec Contract (SI, ETF: (SLV))
Retesting the 16.62 prior low Friday morning can now start the process of fluctuating around to try forming a durable Double Bottom. Trending down any further instead would suggest the decline is extending.

30-year Treasury Dec Contract (US, ETF: (TLT))
Completing the potential bottoming pattern needed one more selling attempt, and to absorb it. Fresh lows Thursday night tested the 152-13 support by 1 tick and then bounced Friday morning to 154-08, where uptrending resistance triggered a reaction down to 152-20. The difference between this range being either a bottoming pattern or a continuation pattern may depend on today closing back under 153-06 or above 154-08.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Caught up in OPEC headlines, the reaction down from testing 45.70 extended down to attack the recovery’s 44.30 pullback limit. Closing under 45.15 would launch a new downleg. But there is otherwise a higher target outstanding in the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Friday above 2.80 left outstanding a lower gap at 2.62, while creating a new one back to Thursday’s close. Closing above 2.80 would still be bullish, especially if confirmed by a second consecutive higher close, and would be credible for launching a rally leg no matter how premature.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Blipping up at Thursday’s open was rejected by probing fresh lows through the morning, and extending down to the 1.0655 target. And through it. Back above 1.0685 would signal the decline had ended.

Gold Dec Contract (GC, ETF: (GLD))
Finally resuming the decline Thursday morning which extended to retest Monday’s 1211.00 low. It remains likely to be probed down to 1206.00, and probably also to 1196.50, so long as 1213.00 is broken intraday and its break is maintained.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s dip was attracted back down toward the 16.62 low which was still likely to be retested for being a “V” bottom. Attacking it stopped optimistically short of actually touching it, let alone probing it as a normal test would before being able to bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging down to 153-20 Thursday didn’t produce a concerted selling attempt, which the bottoming pattern should still experience before completing. Concerted selling that doesn’t recover back above 153-07 by the close — and preferably higher — would risk breaking free of this week’s range to launch a new downleg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppy ranging persisted Thursday at or under the rally’s initial 45.70 target. Resuming the rally would next target the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Thursday morning’s dip filled the target back down to Tuesday’s 2.70 close, still likely also to fill the gap back down to 2.62 before considering a bottom has formed, let alone before being able to launch a durable rally leg.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Tuesday’s narrowly ranging session didn’t alter the ongoing decline next targeting 1.6055, which resumed Wednesday morning down to 1.0680.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s flat-to-higher ranging extended the corrective bounce while maintaining the downside targets of 1206.00 and probably also 1196.50, so long as bounces don’t recover 1239.00-1243.00.

Silver Dec Contract (SI, ETF: (SLV))
Already having maximized its room for a corrective bounce up to 17.10 Tuesday, Wednesday morning began dipping to potentially fulfill the likely retest of its 16.62 low.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping overnight to attack 153-07 keeps alive the patterns potential bottoming, but it’s still premature for a durable rally leg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A temporary reaction down to the APA report after Tuesday’s close was recovered to a fresh high overnight, but that was also reversed down to attack 45.00. Wednesday’s morning’s EIA report triggered a surge to fresh highs above the rally’s 45.70 target, next targeting the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday probably only delays filling the gap back down to Friday’s 2.62 close, and also creates another gap below at Tuesday’s close. Neither helps to greet Thursday’s EIA report from a position of strength. But any knee-jerk reaction down that tests both lower attractions and recovers them would be bullish.